SpiceJet will raise Rs 25 billion through the qualified institutional placement route and hive off its cargo business as a separate entity. The airline has reported a net loss of Rs 2.57 billion for the quarter ended March 2021 as the business continues to be severely impacted by the second wave of the Covid-19 pandemic, which has adversely hit operations and travel demand. The airline company has reported a net loss of Rs 9.98 billion in financial year 2021.